Ah, the irony.
A couple of years ago I suggested that resource stocks here would be the new dotcom bubble.
Armstrong suggested that around 2007 was the probable high but that into 2011 approx was a real chance of a continuation.
Of course, the 20 year super cycle became the conventional wisdom.
The severe pullback in commodities suggests a B wave rally and a market to match.
The only question is what duration and what price recovery.
It seems that any new price highs are out of the question and a rally is just a precursor to a more drawn out low.
Can new highs been seen?
I think gold is still the big potential upmover.
I loved the chart posted this morning by (someone), forgive me, that excited me because it showed my favourite moving average, 65 period, on a weekly chart as having worked beautifully back in the 1960's and 1970's.
That same ma worked well from 2001 but now has whipsawed a little.
That earlier history gives it even more credence.
Put a little on that punt, when on the right side is my opinion.
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Last
$45.31 |
Change
0.245(0.54%) |
Mkt cap ! $230.6B |
Open | High | Low | Value | Volume |
$45.45 | $45.74 | $45.22 | $151.1M | 3.326M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
16 | 1899 | $45.30 |
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Price($) | Vol. | No. |
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$45.31 | 1950 | 16 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 4181 | 45.280 |
4 | 936 | 45.270 |
6 | 2198 | 45.260 |
8 | 3070 | 45.250 |
7 | 2529 | 45.240 |
Price($) | Vol. | No. |
---|---|---|
45.290 | 2301 | 10 |
45.300 | 2862 | 11 |
45.310 | 2927 | 11 |
45.320 | 3762 | 11 |
45.330 | 4988 | 14 |
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